HITdemUP:
Anything to strengthen the Naira is welcome

Unfortunately for both you and them, ''anything'' can't just strengthen the naira

We all know what will strengthen the naira

tuzle:
So commercial bank cant be used for the above accusations abi? Let them continue deceiving themselves.

Actually no, if you get any crypto related transaction into your account, it's flagged for closure, even if it's a normal transfer and the sender uses crypto in the description... it's quite hilarious 😂

Hezzyluv:
That's the handywork of commercial banks.
They're just jealous of these digital microfinace banks. Personally, the Opay.

You have said it all
A lot of people have been moving to digital banks lately & those commercial banks are not happy about it. Most people I know doing business now use Opay.

seedsower:


i AM NOT GOING BACK TO THOSE OLD USELESS BANK, OPAY TRANSFERS AND MONIEPOINT (POS) SUSTAINED MY BUSINESS, SAVED MY CLIENTS THE STRESS OF DEBIT AND DECLINE .

MY POS COLLECTIONS GIVES ME INSTANT LIQUID CASH AGAINST COMMERCIAL BANKS THAT WILL HOLD MY BALANCE FOR 24HRS.

Why the hell are you people using caps for Christ's sake?

Fullfledged:


There's no fraud anywhere. All those trying to pull Opay down will fail woefully. They are just jealous and afraid of Opay with the high rate at which they are growing.
Something tells me these commercial banks have bribed that Cardoso to halt the high rate at which people are opening account with Opay. This ban will not last. Opay has come to stay whether they like it or not..

Cordoso was also from a commercial bank before Tinubu gave him a lucrative job

Darkandhandsom:
Foolish people..
When Jonathan was president did it affect naira?
Everything they are looking for who to blame.
Thunder fire una

If true then CBN chief is the most useless CBN governor in history

seborrhic:

What was Nigeria exporting during GEJ and Buhari's time that saw the Naira pick at ₦650 at the parallel market?

Did Gej & buhari float the naira like your president did?? What was the price of fuel during Gej & buhari govt? How much are u buying fuel now? As a govt u don't just wake up to make certain decisions without due consultation because they have ripple effect.

GiZcorp:


It can but it will be difficult... I say this because for instance, you can't have two savings accounts in one bank using your BVN, but for Kuda, opay, fairmoney and palmpay you can comfortably have as many accounts as you want provided you have different phone numbers. With this you can actually launder money.. And the level of monitoring of their activities is very poor

Is the money laundering going on in digital banks more than what is going on in govt?? How much dey pass digital banks? Was it digital bank a former govt of a state used to pay a school almost $1 million? You people are not ready to face the truth. These banks don't transact in dollars

bionixs:
they are not exporting anything? So Saudi Arabia is not exporting anything too ? So oil is not anything abi ?

What is Ghana and Benin republic exporting that thier currencies are better?

Ghana's currency is a mess, go and read about it.
Benin Republic uses CFA that is the currency of more than 5 West African countries and it's not at it's best as we speak.

maasoap:


It's not about importation alone Because, we have been importing for many years and it wasn't this bad. In fact, Buhari stopped the importation of 41 items which is still in effect till today

Don't u people read at all??
Buhari was defending the naira na!
There was subsidy on naira during buhari
How much was fuel during buhari govt & how much are u buying fuel now?

What is the difference between the Nigerian government of APC and kidnappers?

While terrorists kidnap for ransom and negotiations

APC government kadnap for negotiations and information...
The Nigerian government demanded that Binance release the names of its top 100 users and their transactions to negotiate the release of the detained executives.

[quote author=Dukssak post=129701561].

Dukssak:
that won't strength the naira. Nigeria is import based economic. The government to work on the export part . Fix up refinery and electricity

You lot keep shouting it won't strengthen the naira. Since the ban of binance, why haven't naira reach and cross 1,500 back ?

.

seborrhic:

You said the ₦ is depreciating because we are not exporting and only importing.
During GEJ'S time parallel market was at best 300 or 400,so my question which you have shifted the goal post on is this:what was Nigeria exporting during GEJ's time that we are no longer exporting.Or did the amount of fuel Nigeria export suddenly drop after he left office?
Secondly,so since he left office Nigeria has been importing far more than was happening during his tenure?How could that be possible I ask you when the ₦ had far more value,making imports cheaper for individuals and businesses and when there were no restrictions on what could be imported during his time.
As I said I am no supporter or fan of Tinubu,but these argument being chorussed that the ₦ is depreciating because Nigeria is suddenly no longer exporting and is mainly importing,is not only nonsensical but is like what children that just entered JSS 1 would put up in a theatrical debate

I've told you that GEJ and Buhari were backing our currency with the external reserve, read it up, don't let me spoon feed you. The stoppage of this is called floating the naira which Tinubu has done.
During GEJ's time we were still exporting enough crude oil more than now.
Buhari sold crude oil in advance which means that our Forex inflow reduced significantly, you can also read it up.
The strength of your currency depends on Forex inflow and outflow, Forex inflow includes your export in which people other people are buying goods from Nigeria thereby increasing the supply of Forex into the country, diaspora remittances and FDI (Foreign Direct Investment) all these have been in decline since 2019. There has to a balance of inflow and outflow to stabilise your currency, our inflow is far lesser than our outflow because we produce virtually nothing and import virtually everything. I hope you get this and stop asking me useless questions because I've broken it down to you like a baby.

Kavod:

ITS DOESNT AND CAN NEVER AFFECT NAIRAS VALUE... THIS NA THE REGULAR BANKS CONSOLIDATED FUNDS IN ACTION. NOW THEIR THEFT IS BECOMING OBVIOUS. 99% OF THE TIME USING THE ONLINE BANKS YOU CANT SEND MONEY OR RECIEVE MONEY AND IT WONT APPEAR THAT SAME MINUTE, SO PEOPLE ONLY USE REGULAR BANKS FOR SAVINGS DUE TO FEAR OF THE INVINCIBILITY OF ONLINE BANKS WHILE FOR DAILY AND FAST TRANSACTIONS EVERYONE NOW USES ONLINE BANKS, THATS WHERE THE BULK MONEY IS, DAILY TRANSACTIONS...... NOW EVERYDAY ON OUR REGULAR BANKS OUR FUNDS JUST REDUCE AND NO REASON WHY.....
SCREENSHOT YOUR BANK BALANCE TONIGHT AND MAKE SURE YOU ARE USING THE BANKS APP, THEN OFF YOUR DATA THEN COMPARE WHEN YOU WAKE UP AND SEE IF THERE WOULD BE AN ALERT OR REASON WHY THE BALANCE HAS REDUCED.
THIS IS SIMPLY BRIBERY, CORRUPTION AND OPPRESSION.

YOU DE GET? IF YOU CONTINUE USING THE REGULAR BANKS FOR DAILY TRANSACTIONS, FEW GETS HANGED, SOME DELAY, SEVERAL NONSENSE ALERTS ETC.. HENCE YOU CANT KEEP TRACK ON FEW NAIRAS STOLEN.
POS OPERATORS HAVE TAKEN ANOTHER HUGE PERCENTAGE FROM THEIR ATM FEES AND OTHER ONLINE FEES.

THIS IS SIMPLY AN ACT OF DESPERATION....

NIAJA BANKS DONT MAKE ANY GOOD TRADES OR PROFITS THEY ONLY STEAL, PARTICIPATE IN FRAUD, LAUNDER POLITICIANS CASH AND FACILITATE EMBEZZLEMENT

That's also another angle I missed. Thanks for the insight

Umueme:
If this is really going to strengthen the naira and not just a wishful grope in the dark, then it's a welcome development

#MyOpinion

how will it strengthen the naira?

tspun:
From 950 to 1350 within 1 week
Some people are really behind this dollar crisis
So people really don't want to see Nigeria work

Which people!Even if there are people do you they are stronger smarter and mightier than the government?

these people are confused. I thought Binance was the problem?

https://www.nairaland.com/8077092/why-naira-depreciated-23-4

All I know is that Moniepoint should return my 408k that is illegally withdrawn from my account since February this year. After I was told to bring a Police Report and a Court Order, I've heard nothing from them.

tspun:
From 950 to 1350 within 1 week
Some people are really behind this dollar crisis
So people really don't want to see Nigeria work

which people? can you pls name them? I thought it was Binance? since Binance can no longer be blamed, pls tell us who else we should blame? who are the people that dont want to see Nigeria work? when tinubu was saying emilokan was he interested in seeing nigeria work?

dacool1:
Banning financial institutions that do not offer FX services and leaving the main financial institutions that trades FX is the height of foolishness.

Take down those involved with these transactions. Not cut off the whole head because of headache na.

The truth is this ban is no way related to crypto nor FX it's purely vengeful. The government is simply angry because of STAMP DUTY and other forms of charges these banks don't charge. It's really affecting the traditional banking system.

kuda charges stamp duty

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tspun:
From 950 to 1350 within 1 week
Some people are really behind this dollar crisis
So people really don't want to see Nigeria work

Number one person on the list is Tinubu.

The old school Cardaso and co believe that FDI is only about manufacturing and exporting so thus and wakajubaying across the world looking for FDIs from countries that have long since moved on. For the West, It is cheaper to outsource production to China, India and co and promote a service based economy. That is where HDI comes in. Fintechs, Data, IT, the human brain are the new oil

Try n errors 😑 😒

What ever it takes to get the naira right Nigeria comes first before any greedy corrupt economy destroyers and saboteurs.Nigeria must get it right regardless of which leader is ruling as long as he is willing to get it right we will support him because a better Nigeria comes first before any negative opinion

tspun:
From 950 to 1350 within 1 week
Some people are really behind this dollar crisis
So people really don't want to see Nigeria work

A failure is a failure. Tinubu and his team have nothing to offer get that dude

xjiggy:
I don't know about them being used for crypto or money laundry but I just have a natural dislike for digital banks operating in Nigeria

It is jealous nah because you're on the payroll of a conventional bank.

I detest Nigerian banks, especially, first bank.

Dozis:

Ghana's currency is a mess, go and read about it.
Benin Republic uses CFA that is the currency of more than 5 West African countries and it's not at it's best as we speak.

Saudi is a mess too

What many people still don't understand nor realise is that the present rate of naira to a dollar IS NOT THE TRUE RATE OOOOO.
THIS IS A FIXED GOVT RATE BECAUSE GOVT IS FIXING IT BY DEFENDING THE NAIRA WITH THE NATION EXTERNAL RESERVE .
It means they are just pouring Naija saved dollars into the market now to give the impression that there is dollars everywhere and available . It will get to a pint they won't be able to do it any longer .

THE ONLY SOLUTION IS TO Increase LOCAL PRODUCTION OF GOODS AND SERVICES, REDUCE IMPORTATION TO THE BAREST MINIMUM AND CREATE A CONDUCIVE Environment FOR FOREIGN INVESTMENT YO COME IN . TO DO THIS THEY NEED TO IMPROVE OUR SECURITY,ROAD NETWORK AND POWER SUPPLY

Hezzyluv:
That's the handywork of commercial banks.

They're just jealous of these digital microfinace banks. Particularly, the Opay. The last time I checked, Opay's market cap. dey rob shoulders with Zenith bank.

Na cashless policy of last year announced these banks. I can't really remember when last I went to bank n que to make transactions.

For security reasons, if you're using digital bank, make sure the SIM you used registering it is not the one you slot in your fone and be moving upanda with it. The SIM I used to open my own is always at home in case if someone stills my phone and want to reset the password, he wouldn't get the OTP massage.

no need. Simply set a PIN lock for your SIM.